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Real estate market slows down, inventory increases to close out 2022

As many on the Island slowed down for the holiday season, so to did the real estate market according to the Vancouver Island Real Estate Board (VIREB).

The board says 200 single-family homes sold in the area, about a 10 per cent decrease from a year ago and a drop of 18 per cent since November. The board adds inventory, however, has continued to build over what was available in December 2021.

Active listings are down compared to November 2022, the year-over-year listings rose to 895 from 223 a year ago but dipped by 25 per cent from the previous month.

VIREB chair Erica Kavanaugh says the trends reflected a typical end-of-year market which is usually slower than the rest of the year.

“REALTORS® are reporting that some clients are taking a wait-and-see approach, opting to wait until spring, which typically sees more interest from buyers and an uptick in listings.”

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The board-wide benchmark price dropped slightly in December 2022, with a single-family home sitting at $750,900 representing a three per cent drop from November.

Campbell River’s benchmark price for a single-family home hit $661,300 last month, down about two per cent from the previous year.

The Comox Valley saw a one per cent decrease for a benchmark price of $789,500, and Nanaimo’s rose slightly hitting $777,600.

A drop of two percent was found in Parksville-Qualicum with a benchmark of $878,900 and the Cowichan Valley saw a one per cent decrease from a year ago at $752,700.

North Vancouver Island saw the biggest increase in their benchmark price with a 10 per cent increase and a price tag of $445,900.

The board adds that two noticeable policy changes are in effect starting this month including the Home Buyer Rescission Period and the Foreign Buyer Ban. The first allows a buyer to withdraw from a purchase within three days of an accepted offer. The second bans non-Canadians from buying property across the country for the next two years.

VIREB says they are unsure about how these policy changes will affect the housing market.

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